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Beginning of Page 1 NEW YORK, 355, FIFTH AVENUE.

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PARIS, 23, PLACE VENDÔME.

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CABLE ADDRESSES KNOEDLER, LONDON. KNOEDLER, NEW YORK. KNOEDLER, PARIS. TELEPHONE 1292 MAYFAIR.

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1 June 1909.

15, OLD BOND STREET, LONDON, W.

Dear Mr. Frick, I wired you a short time ago that they had succeeded in raising the money to keep the Holbein here – Someone came forward today + subscribed the money, all the balance that was needed – I think about £40.000 as about £32.000. had been subscribed. It was rather unexpected + yesterday I looked upon the picture as yours. I will regret the joy of not seeing it in your collection + wish you might have had it but I really appreciate the Nation saving it for the National Gallery where it has hung for so long. I see you made a record trip End of Page 1